In this episode of Yet Another Value Podcast, host Andrew Walker returns with Aaron Chan from Recurve Capital to explore Cogent Communications (CCOI). Aaron breaks down the legacy internet business, the Sprint wireline acquisition, and the complex financial transformation underway. The conversation highlights CEO Dave Schaeffer’s strategic vision, market dynamics in enterprise telecom, and the network’s long-term potential. They analyze network architecture, discuss operational efficiency, and evaluate capital allocation under heavy leverage. The episode closes with thoughts on competitive threats, structural advantages, and what the future may hold post-Dave.________________________________________________________[00:00:00] Podcast and guest introduction[00:02:22] Aaron introduces Cogent business overview[00:06:51] Legacy network setup and strategy[00:10:19] Competition and service differentiation[00:14:36] Sprint network acquisition background[00:20:35] Challenges with Sprint integration[00:27:59] Wave business compared to Lumen[00:35:40] Missed expectations and market reaction[00:40:17] Dave’s control and RE leverage[00:48:49] Dividend vs. buyback strategy[00:53:41] Dave’s succession and exit plan[00:59:00] Traffic deflation and usage trends[01:03:17] Pricing strategy and competitive risks[01:07:54] Cogent's share strategy explained[01:10:12] Competitive positioning against Lumen[01:13:29] Core infrastructure value and demand[01:16:44] Future growth expectations and risks[01:20:18] Final thoughts on investment case[01:25:30] Closing remarks and sign-offLinks:Yet Another Value Blog: https://www.yetanothervalueblog.comSee our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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1:26:00
Kontrarian Korner's Ben Kelleran on Sable Offshore $SOC
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Ben Kelleran of Kontrarian Korner to discuss Sable Offshore, a company attempting to revive the Santa Ynez oil unit off the California coast. They explore the high-stakes nature of this investment, dissect the complex legal battles with California regulators, and assess the upside potential of the project if full production is achieved. The conversation covers Sable's SPAC history, economics, leadership, refinancing plans, and what needs to happen for the company to fully restart operations and generate significant returns.______________________________________________________[00:00:00] Introduction and sponsor message[00:01:59] Guest Ben Kalleran joins[00:03:02] Overview of Sable Offshore[00:04:15] SPAC history and asset deal[00:06:23] Legal/regulatory hurdles explained[00:09:12] Why Exxon sold the asset[00:12:32] Sable’s CEO and management[00:15:13] Current production status[00:17:13] Economics and ramp potential[00:20:46] Valuation compared to peers[00:24:02] Equity raise explained[00:27:49] Debt refinancing plans[00:29:56] Legal timeline expectations[00:34:14] Fire Marshal’s role discussed[00:41:12] Takings claim details[00:43:40] All-clear signal for investors[00:47:56] Why O&G funds are hesitant[00:49:57] Key dates and next stepsLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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54:34
The Snowball (May 2025 Fintwit Book Club)
In this edition of the Yet Another Value Podcast Book Club, host Andrew Walker reunites with Byrne Hobart of The Diff to revisit The Snowball, Alice Schroeder’s biography of Warren Buffett. Triggered by Buffett’s recent retirement, the two reflect on how their views have evolved since first reading the book in their 20s. They unpack Buffett’s complex personal life, his early financial maneuvers, near-catastrophic risks, and lasting investment philosophies. Key discussions include Buffett’s detached family dynamics, calculated leverage, deep value tactics, and overlooked geopolitical caution. With a balance of admiration and critique, Andrew and Byrne present a thoughtful, analytical take on the man often mythologized as America's greatest investor.______________________________________________________________________[00:00:00] Podcast intro and book overview[00:02:05] First impressions of Snowball reread[00:04:28] Buffett’s emotional and family struggles[00:05:57] His early business brilliance questioned[00:08:41] Risks nearly tanked early ventures[00:10:17] Byrne reflects on insurance troubles[00:13:44] Buffett’s dual investing motivations[00:15:27] Shady dynamics of Buffett’s PA[00:17:45] Hustling to raise initial capital[00:21:12] Best wins: control and distress[00:23:36] Early Buffett vs modern strategies[00:26:54] Why he avoided foreign stocks[00:28:17] Could modern Buffett act similarly?[00:30:52] Gray areas in early arbitrage[00:33:57] Incentives, risk, and bad bets[00:35:22] Buffett’s paradoxical driving style[00:36:51] Solomon drama and reputational play[00:40:33] Was Solomon really near failure?[00:43:36] Role of Buffett’s presence in bailout[00:45:10] LTCM: Buffett’s ultimate near-miss[00:49:40] Snowball ends during 2008 crisis[00:50:52] Experience shapes Buffett’s crisis style[00:53:31] Is he great at market timing?[00:56:14] Tough negotiator in private deals[01:01:34] Reconciling bearish macro with buysLinksYet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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1:15:15
Muddy Waters' Darren McLean on investing in the mining sector
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Darren McLean of Muddy Waters about investing in the mining sector. Darren shares how informational edges and a deep understanding of data can yield outsized returns in a space often overlooked by generalists. They discuss the inefficiencies in mining markets, the value of unconventional data analysis, and why mining offers compelling alpha for those willing to do the work. Darren also explores the evolution of mining capital, the brain drain in the industry, and the outsized rewards of discovering and developing world-class assets. Tune in to uncover the realities of resource investing and how expertise can change the game. _________________________________________[00:00:00] Andrew introduces podcast and Darren McLean[00:03:15] Why Darren sees alpha in mining[00:04:50] Examples of unconventional data collection[00:07:46] Darren discovers major inefficiency firsthand[00:10:23] Lack of diligence in asset qualification[00:15:51] The post-China supercycle mining collapse[00:20:57] Why mining offers inevitable investment returns[00:24:03] The Bre-X scandal and manipulation[00:27:42] Why supermajors avoid early-stage projects[00:31:26] When site visits are essential[00:38:47] Brain drain and generational void in mining[00:39:18] Can generalists invest in mining successfully?[00:43:17] Montage Gold: A re-rate case study[00:46:17] Value of strong reputations and strategic entry[00:51:13] Darren’s track record and strategy success[00:53:36] Why mining gives clear investment feedbackLinks:Yet Another Value Blog: https://www.yetanothervalueblog.com See our legal disclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimer
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55:26
Fintool's Nicolas Bustamante on using AI to improve in investing
In this episode of Yet Another Value Podcast, host Andrew Walker speaks with Nic Bustamante, founder of FinTool, an AI-powered platform designed for equity analysts and investors. They probe how AI is transforming investment workflows, from memo creation to screening and qualitative analysis. Nic shares examples of institutional adoption, discusses nuanced challenges like bias in management conversations, and forecasts how AI could evolve investor roles. Whether you're deeply entrenched in AI or just starting out, this episode provides grounded insights into its growing role in finance.______________________________________________________________________ [00:00:00] Andrew introduces podcast and guest[00:01:50] Nic explains AI task delegation[00:04:10] Home Depot memo AI example[00:06:59] Uploading memos to train AI[00:08:13] Pattern matching with past investments[00:10:39] Small sample size challenges[00:13:10] Buffett’s approach vs. LLM potential[00:16:08] Investing skill shifts with AI[00:18:00] Qualitative work amplified by AI[00:21:19] Gumshoe research vs. AI insights[00:23:21] Amplifying analyst strengths with AI[00:25:59] AI freeing up research time[00:27:37] Future of autonomous investment agents[00:30:10] Training AI with personal track record[00:31:59] Data diversity needed for edge[00:33:38] Qualitative investing with AI portfolios[00:36:02] AI advantages in news trading[00:37:36] Losing insight through automation[00:39:21] Hybrid strategy using AI summaries[00:41:40] Identifying non-standard compensation[00:42:53] Spotting off-cycle stock grants[00:45:36] Edge cases needing human oversight[00:47:48] Tesla and extreme market narratives[00:49:22] Fragility of company valuations[00:51:16] Reliability of company filings[00:53:31] Expanding Fintool’s data sources[00:54:11] When and why to upload documents[00:56:25] Private data and unique uploads[00:58:14] Bias risk from selective inputs[00:59:38] Recording calls for richer context[01:00:23] Generating insightful questions with AI[01:01:35] Framing management conversations for AI[01:02:49] Extracting insight through competitor focus[01:03:46] Using peers to understand companies[01:04:43] Keeping pace with fast AI evolution[01:07:02] AI as necessary but not sufficient Links:Yet Another ValueBlog: https://www.yetanothervalueblog.com See our legaldisclaimer here: https://www.yetanothervalueblog.com/p/legal-and-disclaimerFinTool:https://fintool.com/
Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas.
Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer
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